G

Grace Period

Period of time after the due date of a premium during which the policy remains
in force without penalty.

Graded Premium Policy

A type of whole life policy designed for people who want more life coverage than they can currently afford. They pay a lower premium rate that increases gradually over the first three to five years and then remains constant over the life of the policy.

General Partner's Liability Coverage

This type of insurance is also known as General Partners' Liability and Limited Partnership Reimbursement coverage.

A general partner's management and fiduciary responsibilities to a limited partnership closely parallel the director's or officer's to a corporation. Exposure occurs when general partners become the financial managers of a limited partnership. The directors and officers of corporate general partners share this type of exposure.

Some causes of claims are as follows:

Untrue written or oral statements made by the general partners.
Breach of fiduciary duty.
Incomplete disclosure of facts.
Omission or misleading statements in the offering memorandum.
Selling of unregistered limited partnership interests.
Conflict of interest.
Failure to devote adequate time to the partnership.
Appointment of drilling contracts without proper prior investigation as to their experience.
Failure to minimize risk factors that prove detrimental.

Guaranteed Term

A form of renewable term insurance that remains in force as long as the premiums are paid on time. With guaranteed term insurance, the insurance company cannot terminate the policy during the term.

Guaranteed Insurability (Guaranteed Issue)

Arrangement, usually provided by rider, whereby additional insurance may be purchased at various times without evidence of insurability.

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